S&P sees healthcare staffing ‘trough’ in Q2 with Ingenovis rating downgrade
S&P sees healthcare staffing ‘trough’ in Q2 with Ingenovis rating downgrade

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Rating agency S&P Global has cut Ingenovis’ credit rating to a B1 from a B. In its ratings announcement, S&P Global also wrote that healthcare staffing firms saw a steep decline in demand for nurses and a lower bill-pay spread as hospitals try to use more permanent staff and fewer contingent healthcare workers, though things could pick up soon.
However, S&P Global also noted that demand for temporary clinical staffing appears to be at a low point.
“We believe hospitals will continue to utilize temporary staffing, albeit likely below pre-pandemic levels, as it provides them flexibility in staffing levels and because the long-term supply/demand imbalance,” according to the ratings announcement. “With bill rates for temporary staffing coming down, we believe demand is at a trough in second quarter 2024, and we expect the demand for travel nurses will pick up from current levels, starting in second half of 2024 and beyond.”
The company declined to comment.